For the first time since last September’s disastrous mini budget, the number of property sales being agreed now stands at just 1% behind March 2019.
According to the latest market analysis from Rightmove, the recovery is largely driven by sales of flats.
The total number of agreed sales has also improved from being 21% behind 2019’s levels at the start of the year.
In further positive news, average mortgage rates have been edging down, with a five-year fixed, 15% deposit mortgage now 4.63%, a drop from 5.89% in October.
Meanwhile, the average size of price reduction is also back to its pre-pandemic level of 6%, the equivalent of £22,000 based on the current national average asking price of £365,357. It had dropped to 5% during the pandemic.
Rightmove’s stats also show the average price of property coming to market in March rose by 0.8% (+£2,906) to £365,357, mainly due to a 1.2% jump in the largest homes sector (top-of-the-ladder). This is below the average monthly rise of 1% seen in March over the last 20 years, reflecting a higher degree of pricing caution by many new sellers than is usually seen at this time of year. The exception to this is a 1.2% monthly price jump in the larger home top-of-the-ladder sector, in contrast to more modest 0.4% and 0.5% respective rises in the first-time buyer and second-stepper sectors.
Annual asking price growth eased to +3.0%, with new seller asking prices now £5,800 below October’s peak as the market cautiously moves towards pre-pandemic activity.
Sheldon Bosley Knight’s director of residential sales and marketing, James Morton, said: “All the data continues to show the market is on a stable footing and we are seeing confidence amongst both buyers and sellers which is good news.
“Here in the Midlands, there are still plenty of buyers – whether that’s apartments, terraces, new builds or grand houses – and it is still a great time to sell a property as prices remain buoyant and mortgage rates are favourable.
“We still maintain a property which is priced correctly and marketed properly, will sell.
“If you would like a free, no obligation quote, or would like to find out more, pop into one of our offices to have a chat with our award-winning agents.”